The co-founder of MoviePass, Hamet Watt, is shifting gears following the company’s dramatic decline and is now focused on raising funds for a new venture studio aimed at developing and supporting startups.
Watt, who launched MoviePass in 2011, believes strongly in the potential of his new company, Share Ventures, which has already secured nearly $20 million in funding from prominent investors including Alphabet and Amazon. The new venture will concentrate on startups related to the future of work and longevity.
Watt commented that the current environment, marked by an AI boom and elevated interest rates, has created a favorable landscape for a “differentiated model” in venture capital. To that end, Share Ventures plans to develop its own software and advanced language models to streamline internal operations.
He emphasized that smaller funds can spot opportunities earlier with less capital, which aligns well with Share Ventures’ goal of building startups from the ground up utilizing cutting-edge tools.
Watt pointed out that while many venture firms are investing in new technologies, they often do not integrate or employ them effectively within their operations. He believes that employing novel data and automation in their processes gives Share Ventures a unique advantage.
His interest in health and longevity was sparked by a personal tragedy when he lost his mother at the young age of 25. This experience has deeply influenced his perspectives on mortality and innovation.
Reflecting on the lessons learned from the failure of MoviePass, which he recounted in the documentary “MoviePass, MovieCrash,” Watt expressed his determination to continue pushing for innovation, regardless of the risks involved in trying again.